Group 1 - The core viewpoint is that the stablecoin policy in the United States may disrupt the global payment system according to the largest asset management company in Europe, Amundi [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development of compliant stablecoins in Hong Kong, with the legislation set to take effect on August 1, 2023, allowing for license applications by the Financial Management Authority [1][3]. Core Insights and Arguments - **Stablecoin Issuance**: Round Coin Technology plans to issue a Hong Kong dollar stablecoin first, with considerations for other types based on different scenario needs [1][4]. - **Demand for Compliant Stablecoins**: There is significant demand for compliant stablecoins in cross-border trade, payments, virtual asset trading, and high-frequency trading scenarios, offering advantages over traditional payment methods like SWIFT [1][5]. - **RWA Settlement**: The settlement and clearing of Real World Assets (RWA) in Hong Kong require the use of compliant stablecoins to achieve high efficiency and low costs in on-chain transactions [1][6]. - **Regulatory Framework**: Hong Kong's legal framework does not restrict the underlying blockchain for stablecoins, but issuance requires regulatory approval. Ethereum is preferred for its stability, while multi-chain solutions are considered for future scalability [1][7]. - **Asset Backing Requirements**: The law mandates that stablecoins must be fully or over-collateralized with low-risk, high-liquidity assets, such as bank deposits or government bonds [1][9][10]. - **Market Competition**: The stablecoin market faces homogenization pressures, with regulations prohibiting interest-bearing stablecoins in compliant jurisdictions [1][11]. - **Market Potential**: The potential for stablecoin issuance is vast, with expectations that traditional payment systems will increasingly adopt compliant stablecoins, particularly in the B2B payment sector, which is projected to exceed $12 trillion in 2024 [1][18]. Additional Important Content - **Distribution Channels**: Round Coin Technology has established partnerships with various traders and payment institutions, enhancing its distribution capabilities for stablecoins [1][13][14]. - **User Wallet Requirements**: Users do not need customized wallets to use stablecoins; any wallet that can accept smart contract-based stablecoins will suffice [1][8]. - **Liquidity Assurance**: Market liquidity for stablecoins is primarily maintained by market makers who hold significant amounts of stablecoins to meet immediate trading demands [1][20]. - **Regulatory Compliance**: The requirement for 100% reserves means that for every unit of stablecoin issued, an equivalent amount of fiat must be held in reserve, ensuring transparency and compliance [1][21]. - **Technological Challenges**: Round Coin Technology faces technical challenges in implementation and is committed to ongoing research and exploration to adapt to emerging payment landscapes [1][27]. This summary encapsulates the key points discussed in the conference call, highlighting the opportunities and challenges in the stablecoin market in Hong Kong.